Facing more than two years in prison, the home run king pleaded not guilty today to charges that he lied to a federal grand jury about using performance-enhancing drugs.

The burly batsman stood before U.S. Magistrate Judge Maria-Elena James with his arms clasped behind his back, repeatedly replying “yes” when asked if he understood the proceedings and the four counts of perjury and one count of obstruction of justice.

Bonds, who was fingerprinted and had his mug shot a day earlier, was then released on a $500,000 bond.

Wearing a dark blue, pinstriped suit and striped blue tie, Bonds arrived at his arraignment with his wife, Liz, and flanked by six attorneys and several police officers.

He said nothing as he waded his way through a scrum of photographers and cameras – some set up 20 hours earlier – on his way into the Phillip Burton Federal Building.

Bonds entered Courtroom 10 a few minutes before 9 a.m.

He seemed relaxed, smiling and joking with attorney Michael Rains before the hearing. The proceedings took place on the 19th floor of the Burton building, two floors above the grand jury room he testified in on Dec. 4, 2003.

“Barry was just matter of fact today,” said Rains, who has represented Bonds throughout the BALCO investigation. “He was here to face the charges.”

Bonds said very little in court. When asked his name and age he said, “Barry Bonds, 43.”

Jeff Novitzky, the IRS agent who led the BALCO probe, sat in the front row of the courtroom, watching the man he’s investigated for five years.

Ruby argued successfully that Bonds should not have his travel restricted. The government wanted his travel contained to the United States but Ruby argued that would affect Bonds ability to play baseball because he could not travel to Canada.

As Bonds left the building, a small group of supporters chanted his name and yelled, “We love you, Barry.”

He waved to the fans and stopped to hug his aunt, Rosie Bonds Kriedler, who showed him a few photos. He then got into the same black SUV he arrived in and departed. Bonds did not speak to reporters.

“For today, Barry Bonds is innocent,” said his lead attorney, Alan Ruby. “He has trust and faith in the justice system. He will defend these charges and we’re confident of a good outcome.”

Bonds’ next court date is a Feb. 7 status hearing, but he does not have to attend.

Two issues may arise before then. Ruby indicated the defense team may file a motion to dismiss the case because of flaws in the indictment.

And Assistant U.S. Attorney Matthew Parrella said in court there may be a conflict of interest with one of the defense attorneys.

Today’s hearing came four months to the day after Bonds hit his 756th career home run, breaking Hank Aaron’s career record.

He finished the season with 762 homers and the San Francisco Giants decided not to re-sign the controversial star.

Bonds is a free agent and has said he wants to play baseball in 2008, but teams likely will be frightened away by his legal problems. If the case goes to trial, the lawyers said they expected it to start no earlier than next fall.

In the indictment, the government gives a glimpse of the case it intends to mount against Bonds with a positive steroid test from 2000 and other documents that seem to prove Bonds used steroids and other performance-enhancers.

They also are known to have testimony from a former business partner and his ex-mistress.

Today’s hearing was the introduction of Bonds new legal team, which includes high-profile attorneys Allen Ruby and Christina Arguedas, who was hired by O.J. Simpson’s lawyers to conduct a mock cross-examination of Simpson during his murder trial.

Outside the courtroom, passersby shouted at reporters, “We love Barry Bonds.” A Bonds San Francisco Giants jersey hung in a nearby window and curious onlookers stood at their windows at the office building across the street.

A tire store across from where Bonds arrived and departed used a sign normally reserved for specials and promotions to put up the message, “Say it ain’t so, Barry.”